Major USD pairs are tricky as market is mostly trading sideways. We see both USDJPY and EURUSD in a 50 pip range for the last few days so we may not get any clear moves until these two break out. However, EURUSD may be headed down once current rally finds resistance, ideally somewhere around 1.1370-1.1400 area.
Notice that EURUSD is now trading well out of the upward channel (connected from 1.12104 level) so it appears that new weakness can be in play. We are tracking an ongoing wave C that should be made by five sub-waves, so market may stay bearish for 1.1210 break. That said, at the moment we are observing sub-wave iii which is unfolding its three-wave drop which is common in an EW ending diagonal.
On count #2 we labeled a triangle pattern in play if market remains above 1.1210.
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